Is Menlo Park, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Menlo Park has remained a Seller's Market.
Key Takeaway
Menlo Park is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Menlo Park, CA
How much do homes in Menlo Park, CA cost?
Median Sold Price
$2,391,666
$1,405/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Menlo Park have sold for 8% less than they did a year ago.
Summary: The median home sold price in Menlo Park was $2,391,666 in March 2024, down 8% from last year, and the median price per square foot was $1,405.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $929K | $777.5K | -16.3% |
| 2 Bedrooms | $1.5M | $1.4M | -3.4% |
| 3 Bedrooms | $2.2M | $2.1M | -4.5% |
| 4 Bedrooms | $4.1M | $4.1M | +0.6% |
| 5+ Bedrooms | $4.8M | $5.4M | +12.4% |
Summary: Menlo Park housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 16.3%, 2 bedroom homes decreased by 3.4%, 3 bedroom homes decreased by 4.5%, 4 bedroom homes increased by 0.6%, and 5+ bedroom homes increased by 12.4%.
Median Sold Price Compared To Nearby Cities
| Atherton | $7.5M | $7.8M | +3.9% |
| Redwood City | $1.8M | $1.8M | +1.2% |
| East Palo Alto | $974K | $952.5K | -2.2% |
| Palo Alto | $3.1M | $2.9M | -5.1% |
| Menlo Park | $2.6M | $2.3M | -8.0% |
Housing Supply in Menlo Park, CA
How many homes are available in Menlo Park, CA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 77 | 88 | +14.3% |
Summary: The Menlo Park real estate market had 88 homes for sale in March 2024, a 14.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 16 | 15 | -6.3% |
| 3 Bedrooms | 30 | 29 | -3.3% |
| 4 Bedrooms | 17 | 26 | +52.9% |
| 5+ Bedrooms | 14 | 17 | +21.4% |
Summary: The Menlo Park housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 6.3%, 3 bedroom homes decreased by 3.3%, 4 bedroom homes increased by 52.9%, and 5+ bedroom homes increased by 21.4%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 23 | 34 | +47.8% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Menlo Park, you could pay more than the asking price. 51.5% of homes here sold above asking price last month.
Summary: A total of 34 homes were sold or pending in Menlo Park in March 2024, up by 47.8% month-over-month. Of the 33 sold homes, 39% were sold under asking, 9% were sold at asking, and 52% were sold over asking.
Days on Market for Menlo Park, CA
How long does it take to sell a home in Menlo Park, CA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 26 Days | 37 Days | +38.3% |
Summary: Homes in Menlo Park had an average of 37 days on market in Mar 2024, up by 38.3% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Menlo Park are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 34 homes were sold in Menlo Park; 76% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.